A big chunk of American Apparel shares is about to hit the market — but it’s not clear who will be buying.

The cash-strapped clothier — whose CEO Dov Charney is scrambling to pull off a turnaround after skirting Chapter 11 this spring — today will stage its annual shareholder meeting, where investors are expected to approve a rescue package that could total more than $40 million.

But while the company has already secured $15 million of that financing, the rest of the package depends on something that has been shaky of late: American Apparel’s stock price.

The racy retailer’s shares dipped below the $1 mark more than a week ago — hit by fears of a sputtering global economy that have hammered stocks industrywide — and still have yet to recover.

Even more troubling, American Apparel shares have spent most of the past week below 90 cents — the strike price for the stock warrants that account for the remaining $25 million in American Apparel’s rescue package, which has been funded by a coterie of Canadian investors.

“It’s not totally clear who will be stepping up,” said one source close to the situation, noting that the Canadian investors, led by frozen-snacks tycoon Michael Serruya, have recently been weathering Canada’s volatile commodities markets.

On the positive side, “cash flow was positive in May, and appears to be on track for June as well,” according to one source. Pockets of strength have included New York City, where the company’s 16 stores this spring have racked up double-digit gains in sales at stores open at least a year, the source said.

On June 10, investment firm Goodman & Co. disclosed a 7.5-percent stake in American Apparel. This spring, hedge fund Artis Capital Management said it bought 3.2 million shares.